The U.S. Supreme Court (SCOTUS) recently declined to hear a case involving a charitable donation. To secure a tax deduction, property donated to a qualified charity must be accompanied by a contemporaneous receipt from the organization. If the value is more than $5,000, the taxpayer must also submit IRS Form 8283, Noncash Charitable Contributions, and obtain a qualified appraisal. In the case at hand, the taxpayer donated his 50% interest in an aircraft to an aeronautical society and claimed a deduction of $338,080 on his tax return. The Form 8283 he submitted was incomplete and the documentation from the charity wasn’t signed contemporaneously. Therefore, SCOTUS declined to hear the case.
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